Result of Tender Offer
31/01/2024 07:00
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RNS Number : 4200B European Opportunities Trust PLC 31 January 2024
31 January 2024
EUROPEAN OPPORTUNITIES TRUST PLC
("EOT" or the "Company")
Results of the Tender Offer
Further to the announcement on 6 November 2023 and the publication of the
circular on 5 December 2023 (the "Tender Circular"), the Board today
announces the results of the tender offer to purchase up to 25% of the
Company's Ordinary Shares in issue (excluding treasury shares) (the "Tender
Offer").
The Tender Offer was taken up in full and, after taking account of roundings,
the Company will purchase a total of 24,074,030 Shares at the Tender Price of
918.0734 pence per share.
20.2% of the Shares in issue were tendered in applications that will be met
under the Basic Entitlement of Shareholders to tender up to 25% of their
shareholdings and a further 37.1% of the Shares in issue were tendered by
Shareholders wishing to share in the Basic Entitlements which were not taken
up by others (the "Excess Applications"). 38% of the Company's registered
Shareholders participated in the tender.
Eligible Shareholders who validly tendered a percentage of their Shares equal
to or less than their Basic Entitlement shall have all tendered Shares
purchased in full under the Tender Offer. Eligible Shareholders who validly
tendered Excess Applications shall have their Basic Entitlement and a pro rata
proportion of their Excess Applications purchased pursuant to the Tender
Offer.
Once the remaining conditions under the Repurchase Agreement have been met,
24,074,030 Shares will therefore be purchased by Singer Capital Markets
Securities Limited ("Singer Capital Markets") at the Tender Price. Under the
terms of the Repurchase Agreement, Singer Capital Markets shall sell the
Shares purchased to the Company pursuant to the Tender Offer at the Tender
Price. The Shares purchased by the Company pursuant to the Repurchase
Agreement will be cancelled.
The Tender Price is 98% of the NAV per Share as at close of business on the
Calculation Date, less the pro rata costs of the Tender Offer, as more
particularly set out in the Tender Circular. The 2% discount to the NAV
applied to the tendered Shares will result in an uplift in the NAV per Share
of continuing holders of approximately 0.67%.
As set out in the Tender Circular, it is anticipated that the proceeds payable
to Shareholders whose tendered Shares are held through CREST accounts are
expected to be made on 5 February 2024 and that cheques for the certificated
Shares purchased under the Tender Offer will be despatched on 5 February 2024.
Cheques and balance share certificates will be despatched in the week
commencing 5 February 2024.
The Company's Chair Matthew Dobbs said:
"We are pleased to see that the Company's Tender Offer has been taken up in
full by a range of both retail and institutional investors. As a sizeable
trust, we have been able to offer a 25% tender and still retain sufficient
scale to be competitive in an environment where the minimum bar for assets and
liquidity continues to increase. We note the total of validly tendered
Ordinary Shares as a percentage of issued share capital is in line with
similar offers in recent years and reflects the opportunity to redeem holdings
at a profit to the current share price, at a time when the entire investment
trust sector is trading at a discount.
"The Company successfully passed its Continuation Vote at our recent AGM and
we are encouraged by the support of our shareholders for our differentiated
strategy. Looking forward, the Board remains committed to its stated buy back
policy, the primary purpose of which is to reduce discount volatility and to
maintain the discount in single digits in normal market conditions. We look
forward to updating shareholders on our recent performance at the Company's
forthcoming half year results."
Total Voting Rights
Following the completion of the Tender Offer, the Company will have 72,222,292
Shares in issue (with 16,579,009 Shares held in treasury). Therefore, the
total number of voting rights in the Company will be 72,222,292 and this
figure may be used by Shareholders as the denominator for calculations by
which they will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.
Defined terms used in this announcement have the meanings given in the Tender
Circular unless the context otherwise requires.
For further information, please contact:
Devon Equity Management Limited - AIFM enquiries@devonem.com
Richard Pavry / Charles Bilger +44 (0)20 3985 0445
Singer Capital Markets - Corporate broker
Robert Peel / Angus Campbell (Investment Banking) +44 (0)20 7496 3000
Alan Geeves / James Waterlow / Sam Greatrex (Sales)
Buchanan Communications - PR Adviser eot@buchanancomms.co.uk
Henry Wilson +44 (0)7788 528143
Helen Tarbet +44 (0)7872 604453
George Beale +44 (0)7450 295099
LEI - 549300XN7RXQWHN18849
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